Report
EUR 88.49
For Business Accounts Only
We have previously covered the IPO in, Central Retail Corp IPO - Thailand Operations Weighed Down Vietnam Food’s Stellar Performance
We value CRC by sum of the parts, subtracting post-IPO net debt and non-controlling interest, we arrive at a fair value of THB274,848 (US$9,055m) which implies only 14% potential upside from the bottom-end of the price range.
Larger Thailand IPOs have had mixed results but even for smaller deals such as Dohome that have done well, its share price is back to IPO price level which isn’t exactly inspiring. The point being that Thailand IPOs performance hasn’t been inspiring.
Robins, since the start of the bookbuild, has only traded up 2.6% above the stipulated acquisition price of THB66.50 per share, indicating that interest is somewhat lacklustre
Central Retail Corp IPO - Proxy trading only 2.6% up
Central Retail Corp (CRC TB) is looking to raise up to US$2.4bn through selling a mix of primary and secondary shares.We have previously covered the IPO in, Central Retail Corp IPO - Thailand Operations Weighed Down Vietnam Food’s Stellar Performance
We value CRC by sum of the parts, subtracting post-IPO net debt and non-controlling interest, we arrive at a fair value of THB274,848 (US$9,055m) which implies only 14% potential upside from the bottom-end of the price range.
Larger Thailand IPOs have had mixed results but even for smaller deals such as Dohome that have done well, its share price is back to IPO price level which isn’t exactly inspiring. The point being that Thailand IPOs performance hasn’t been inspiring.
Robins, since the start of the bookbuild, has only traded up 2.6% above the stipulated acquisition price of THB66.50 per share, indicating that interest is somewhat lacklustre
Underlying
Central Retail Corp
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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